Origin Shares Spike In Anticipation Of GMO Corn Legalization In China

Shares of Origin Agritech Ltd. SEED spiked Monday before dipping to close with a 1.6 percent gain for the session. The Beijing-based firm is China's leading agricultural biotechnology company. The action came after a China Ag report on Sunday stated that China was "3 to 5 years" away from commercializing genetically modified corn. According to China Ag, backers of GMO corn as currently pushing for certification from the Chinese government: "If approved, GMO corn could be industrially planted in as little as three years." The report said that four companies are currently working with regulators from the Ministry of Agriculture to seek authorization for the strain. In its history, the Ministry has only approved a handful of genetically modified plants for commercialization, China Ag reported. In 2012, insect pests cause $316 million in crop losses in the country's northeastern farmland.